Mr. Brendan McDonagh:

I will address the Chairman's points under paragraph 4.61, page 82, which refers to "highly qualified bidders". When Lazard appeared before the committee, it stated that it had identified a universe of bidders from its market knowledge, which is why we employed Lazard in the first place, that it believed would be qualified and be interested in the portfolio. All of the bidders who could meet those criteria were invited into the process. Lazard discounted others who tried to enter the process because it did not believe they were up to it. Lazard dealt with this matter previously.

The point on limited due diligence information is not true because the data room expanded during the bid process.